Competing to win the home health market
We’re back with the next step in our free, 8-week educational series, Countdown to Value-Based Purchasing: 8 steps to prepare in 2022. This video series is designed to support home health agencies as they prepare for Home Health Value-Based Purchasing (HHVBP). This week we’re focusing on value-based competition and how your agency can position itself to compete and win under HHVBP.
Rise in value-driven competition
A second order effect of the HHVBP program expansion will be a rise in value-driven competition. The value of effective home health crosses payer boundaries as the industry learns to yield more engaged patients with better outcomes, including lower hospitalization rates. As agencies compete nationally for top levels of Medicare revenue under HHVBP, their revenue and market share will continue to be impacted by rising penetration of managed Medicare and Medicaid. To achieve growth, agencies must understand this market potential.
Raising your quality performance standard
As CMS expands HHVBP nationwide, all agencies are being held accountable and being measured to a new standard. Far beyond the CMS star rating, the HHVBP performance score focuses much more comprehensively on patient improvement, acute care utilization, and home health discharge outcome. This is the type of quality standard that will differentiate an agency with payers and health systems.
Looking through the lens of a Medicare Advantage plan
Your agency should be able to answer the following questions:
- How does your agency solve problems for payer and providers?
- In what ways can your agency contribute to the patient satisfaction of payers and referral sources?
- For which diagnosis does your agency delivery the best outcomes?
- How does your agency improve population health and the successful management of lives over time
Performance analytics will set your agency apart
It is crucial to have the right tools to help your agency understand how its value is differentiated in the market, leveraging your data to know where you can drive top value for referral sources. Providing your referral source partners with performance transparency through consistent, real-time performance analytics will set your agency apart from the competition.
Next steps
To learn more about competing to win the home health market, visit wellsky.com/HHVBP and watch this week’s episode.